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NI Holdings, Inc. Announces Catastrophe Loss Estimates for Second Quarter 2022
FARGO, N.D., July 22, 2022 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today pre-tax catastrophe losses of approximately $49 million, net
About this update from Ni Holdings, Inc.
[{"type":"text","content":"FARGO, N.D., July 22, 2022 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) announced today pre-tax catastrophe losses of approximately $49 million, net of reinsurance, for the three months ended June 30, 2022. Losses were primarily in the Home/Farm and Private Passenger Auto segments driven by multiple severe storms in South Dakota and Nebraska. Michael J. Alexander, President and Chief Executive Officer, stated, “Our companies have consistently provided best-in-class underwriting while also identifying and executing growth opportunities. However, similar to the industry, we cannot predict the frequency or severity of storms across our geographical footprint. While there is still some uncertainty surrounding the number of claims from these events, our primary efforts are to deliver high-quality, prompt and efficient claims service in order to provide a positive experience for both our agents and policyholders.” Second Quarter 2022 Financial Results The company plans to release its second quarter 2022 financial results after market close on Thursday, August 4, 2022. About the Company NI Holdings, Inc. is an insurance holding company. The company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings. NI Holdings completed the acquisition of Direct Auto Insurance Company on August 31, 2018, which is a wholly-owned stock subsidiary of NI Holdings. NI Holdings completed the acquisition of Westminster American Insurance Company on January 1, 2020, which is a wholly-owned stock subsidiary of NI Holdings. Nodak Insurance Company owns American West Insurance Company and Primero Insurance Company. Nodak Insurance Company also controls Battle Creek Mutual Insurance Company as a result of an affiliation agreement be...